{"data":{"id":"us-ok/okla.-stat.-tit.-82-82-636","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 82, § 82-636","heading":"Bonds - Issuance - Election - Sale of bonds","body":"The board of directors may, if in their judgment it seems best,\n\nissue bonds not to exceed ninety percent (90%) of the total amount\n\nof the assessment exclusive of interest, levied under the provisions\n\nof this act, in denomination of not less than One Hundred Dollars\n\n($100.00) bearing interest from date at a rate not to exceed eight\n\nand one-half percent (8 1/2%), per year, payable semiannually, to\n\nmature at annual intervals within thirty (30) years, commencing not\n\nlater than five (5) years, to be determined by the board of\n\ndirectors, both principal and interest payable at such place as may\n\nbe designated by the board, but such board of directors shall not\n\nissue any such bonds until a special election shall have been called\n\nand held throughout the territory comprising said improvement\n\ndistrict and said election shall be held under the laws of this\n\nstate, and it shall be necessary that sixty percent (60%) of the\n\nowners of property in said district assessed for the execution of\n\nthe official plan, voting in said election, shall vote in favor of\n\nissuing said bonds. Said bonds shall be signed by the president of\n\nthe board of directors, attested with the seal of said district and\n\nby the signature of the secretary of said board, and shall be\n\napproved as to proceedings by the Attorney General as ex officio\n\nbond commissioner and registered by the State Treasurer. Facsimile\n\nsignatures may be used as provided in the Registered Public\n\nObligations Act of Oklahoma. In case any of the officers whose\n\nsignatures, counter signatures or certificates appearing upon bonds\n\nor coupons issued pursuant to this act, shall cease to be such\n\nofficer before the delivery of such bonds to the purchaser, such\n\nsignatures, or counter signatures and certificates shall\n\nnevertheless be valid and sufficient for all purposes, the same as\n\nif they had remained in office until the delivery of the bonds. All\n\nof said bonds shall be executed and delivered to the State Treasurer\n\nfor said district and if said district shall comprise all or part of\n\ntwo or more counties and if said district is elected entirely within\n\none county said bond shall be delivered to the county treasurer of\n\nsaid county, and the board or appointed agent shall sell the same in\n\nsuch quantities and at such dates as the board of directors may deem\n\nnecessary to meet the payments for the works and improvements of the\n\ndistrict. They shall show on their face the purpose for which they\n\nare issued and shall be payable out of the money derived from the\n\nconservancy bond fund. A sufficient amount of the assessment shall\n\nbe appropriated by the board of directors for the purpose of paying\n\nthe principal and interest of bonds and the same shall, when\n\ncollected, be set apart in a separate fund for that purpose based on\n\nan equal percentage of increase of all assessments therefor made,\n\nsuch percentage increase to be approved by the district court having\n\njurisdiction, and no other. All bonds and coupons not paid at\n\nmaturity shall bear interest at the rate of eight and one-half\n\npercent (8 1/2%), per year, from maturity until paid or until\n\nsufficient funds have been deposited at the place of payment. Any\n\nexpenses incurred in paying said bonds and interest thereon and\n\nreasonable compensation for the fiscal agent for registering and\n\npaying same, shall be paid out of the other funds in the hands of\n\nthe district treasurer and collected for the purpose of meeting the\n\nexpenses of the administration. It shall be the duty of said board\n\nof directors in making the annual assessment levy, as heretofore\n\nprovided, to take into account the maturing bonds and interest on\n\nall bonds, and to make ample provisions in advance for the payment\n\nthereof. In case the proceeds of the original special assessment\n\nmade under the provisions of this act are not sufficient to pay the\npenses of the administration. It shall be the duty of said board\n\nof directors in making the annual assessment levy, as heretofore\n\nprovided, to take into account the maturing bonds and interest on\n\nall bonds, and to make ample provisions in advance for the payment\n\nthereof. In case the proceeds of the original special assessment\n\nmade under the provisions of this act are not sufficient to pay the\n\nprincipal and interest of all bonds issued, then the board of\n\ndirectors shall make such additional levy or levies as are necessary\n\nfor this purpose, and under no circumstances shall any assessment\n\nlevies be made that will in any manner or to any extent impair the\n\nsecurity of the principal and interest of the same. For such\n\ndeposits the district shall receive not less than three percent\n\n(3%), per year, on daily balances. The funds derived from the sale\n\nof said bonds or any of them shall be used for the purpose of paying\n\nthe cost of the works and improvements and such costs, expenses,\n\nfees and salaries as may be authorized by law and shall be used for\n\nno other purpose.\n\nIf at any time after the bonds are ready to be issued, the board\n\nshall be of the opinion that such bonds cannot advantageously be\n\nissued and sold in whole or in part, the said board may sell parts\n\nonly of the entire issue. No bonds issued by any conservancy\n\ndistrict shall be sold for less than par, and accrued interest to\n\ndate, and any member of the board of directors or other official of\n\nthe conservancy district, who shall participate in the sale of said\n\nbonds for less than provided above, shall be liable on his official\n\nbond for twice the value of the amount lost to the district, by the\n\nsale at the suit of the district or any person interested therein.\n\nThe district may secure the payment of loans from the United\n\nStates government in the same manner as it may secure the payment of\n\nbonds, and the board of directors may make any necessary regulations\n\nto provide for such payment.\n\nA party who has not sought a remedy against any proceeding under\n\nthis act until after the bonds or any part thereof have been sold or\n\nthe work or any part thereof constructed, cannot for any cause have\n\nan injunction against the collection of special assessments for the\n\npayment of said bonds except as to original jurisdiction.\n\nThe bonds shall have all the qualities of negotiable paper under\n\nthe negotiable instrument law of the state, and when executed,\n\nsealed, approved and registered in the office of the State Treasurer\n\nin conformity with the provisions of this act, and when sold in the\n\nmanner prescribed herein and the consideration therefor received by\n\nthe district, shall be incontestable after thirty (30) days from\n\napproval by the Attorney General, ex officio bond commissioner. No\n\nproceedings in respect to the issuance of such bonds shall be\n\nnecessary except such as are required by this act. Whenever the\n\nowners of any coupon bond issued pursuant to the provisions of this\n\nact shall present such bond to the treasurer or appointed agent of\n\nthe district with a request for the conversion of such bond into a\n\nregistered bond, the said treasurer or appointed agent shall cut off\n\nand cancel the coupons of any such coupon bond so presented and\n\nshall stamp, print or write either upon the back or the face of such\n\nbonds, as may be convenient, a statement to the effect that the said\n\nbond is registered in the name of the new owner and that thereafter\n\nthe interest and principal of said bond are payable to the\n\nregistered owner. Thereafter and from time to time, such bonds may\n\nbe transferred by such registered owner in person or by attorney\n\nduly authorized on presentation of such bond to the treasurer of the\n\ndistrict and the bond again registered as before, a similar\n\nstatement being stamped, printed or written thereon, such statement\nhe\n\nregistered owner. Thereafter and from time to time, such bonds may\n\nbe transferred by such registered owner in person or by attorney\n\nduly authorized on presentation of such bond to the treasurer of the\n\ndistrict and the bond again registered as before, a similar\n\nstatement being stamped, printed or written thereon, such statement\n\nstamped, printed or written upon any such bond may be substantially\n\nin the following form:\n\n(Date, giving month, year and day)\n\nThis bond is registered pursuant to the statutes in such case\n\nmade and provided, in the name of (here insert name and address of\n\nowner) and the interest and principal thereof and hereafter is\n\npayable to such owner.\n\nIf any bond shall be registered as aforesaid, the principal and\n\ninterest of such bond shall be payable to the registered owner. The\n\ntreasurer or appointed agent of the district shall enter in a\n\nregister of bonds to be kept by him or in a separate book, the fact\n\nof the registration of such bond and the name and address of the\n\nregistered owner thereof, so that said register or books shall at\n\nall times show what bonds are registered and the name and address of\n\nthe registered owner thereof.","path":["OK Code","Title 82"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os82.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"1319ce0e88878d56a2b922869f205dd685e7b344a370b54e2b595396cb2119e8","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-82-82-635","next":"us-ok/okla.-stat.-tit.-82-82-636.1"},"notice":"GroundRules: Original legal text. Not legal advice."}